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The Latest UPS Headlines
Hedge funds nurse heavy losses after UPS-TNT deal collapses
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<blockquote data-quote="cheryl" data-source="post: 1080726" data-attributes="member: 1"><p><strong>Hedge funds nurse heavy losses after UPS-TNT deal collapses - Reuters</strong></p><p></p><p>United Parcel Service's decision to abandon its 5.2 billion euro bid for TNT Express has left hedge funds nursing potential losses of more than $700 million, as the Dutch delivery firm's shares slid.</p><p></p><p>So-called merger arbitrage funds - which make money betting on the outcomes of corporate events including takeovers - are estimated to have owned around 30 percent of TNT shares before Monday's news European anti-trust regulators would veto it, several sources familiar with the sector said.</p><p></p><p>Funds had been buying shares in TNT ever since UPS (UPS.N) made a 5.2 billion euro play for the company last February.</p></blockquote><p></p>
[QUOTE="cheryl, post: 1080726, member: 1"] [B]Hedge funds nurse heavy losses after UPS-TNT deal collapses - Reuters[/B] United Parcel Service's decision to abandon its 5.2 billion euro bid for TNT Express has left hedge funds nursing potential losses of more than $700 million, as the Dutch delivery firm's shares slid. So-called merger arbitrage funds - which make money betting on the outcomes of corporate events including takeovers - are estimated to have owned around 30 percent of TNT shares before Monday's news European anti-trust regulators would veto it, several sources familiar with the sector said. Funds had been buying shares in TNT ever since UPS (UPS.N) made a 5.2 billion euro play for the company last February. [/QUOTE]
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